Option Trading: Information or Differences of
... We empirically confirm that opinion dispersion is the main driving force for option trading, especially around earnings announcements. More importantly, we find no evidence of information trading in options. The contribution of this paper is three-fold. First, our study represents the first endeavou ...
... We empirically confirm that opinion dispersion is the main driving force for option trading, especially around earnings announcements. More importantly, we find no evidence of information trading in options. The contribution of this paper is three-fold. First, our study represents the first endeavou ...
partition-dependent framing effects in lab and field prediction markets
... sales, timing of event occurrences, and values of macroeconomic variables, must be necessarily partitioned into numerical intervals by the market designers. Unlike categorical markets such as the winner of the Academy Award for Best Picture or the winner of the Super Bowl, there is typically no natu ...
... sales, timing of event occurrences, and values of macroeconomic variables, must be necessarily partitioned into numerical intervals by the market designers. Unlike categorical markets such as the winner of the Academy Award for Best Picture or the winner of the Super Bowl, there is typically no natu ...
Market Makers
... System upon receipt of quote requests and to provide continuous quotes in accordance with the terms and conditions of its appointment letter. All Options Contracts resulting from an order comprised in a quote being matched by the Options Trading System must be allocated to its House Account designat ...
... System upon receipt of quote requests and to provide continuous quotes in accordance with the terms and conditions of its appointment letter. All Options Contracts resulting from an order comprised in a quote being matched by the Options Trading System must be allocated to its House Account designat ...
Equilibrium Pricing and Trading Volume under Preference
... Unconstrained efficiency would require that low-valuation traders sell to high-valuation traders. However, such asset reallocation is delayed by preference uncertainty. Some traders hold more shares than they would if they knew the exact current status of their firm, while others hold less shares. T ...
... Unconstrained efficiency would require that low-valuation traders sell to high-valuation traders. However, such asset reallocation is delayed by preference uncertainty. Some traders hold more shares than they would if they knew the exact current status of their firm, while others hold less shares. T ...
Document
... characteristics to the securities in which these intermediaries are investing. For example, Collective Investment Schemes (CIS) issue units or shares that have different characteristics to the securities in which the CISs invest. Thus they offer “new” products that serve specific needs of investors ...
... characteristics to the securities in which these intermediaries are investing. For example, Collective Investment Schemes (CIS) issue units or shares that have different characteristics to the securities in which the CISs invest. Thus they offer “new” products that serve specific needs of investors ...
Annexure – 1
... All DMA orders shall be routed to the exchange trading system through the broker’s trading system. The broker’s server routing DMA orders to the exchange trading system shall be located in India. The broker should ensure sound audit trail for all DMA orders and trades, and be able to provide identi ...
... All DMA orders shall be routed to the exchange trading system through the broker’s trading system. The broker’s server routing DMA orders to the exchange trading system shall be located in India. The broker should ensure sound audit trail for all DMA orders and trades, and be able to provide identi ...
Multi-market Trading and Liquidity: Evidence from Cross
... As of 2013, there are over 500 non-U.S. firms listed on the New York Stock Exchange (NYSE). When a firm’s shares trade simultaneously on multiple exchanges, however, there may be more than one price for the same stock, i.e. identical financial assets trade at different prices in different markets. F ...
... As of 2013, there are over 500 non-U.S. firms listed on the New York Stock Exchange (NYSE). When a firm’s shares trade simultaneously on multiple exchanges, however, there may be more than one price for the same stock, i.e. identical financial assets trade at different prices in different markets. F ...
under Fixed Price Method
... The capital market can encourage broader ownership of productive assets by small savers to enable them benefit from Bangladesh's economic growth. The capital market can provide avenues for investment opportunities that encourage a thrift culture critical to increase domestic savings and investment r ...
... The capital market can encourage broader ownership of productive assets by small savers to enable them benefit from Bangladesh's economic growth. The capital market can provide avenues for investment opportunities that encourage a thrift culture critical to increase domestic savings and investment r ...
Emergence of Networks and Market Institutions in a Large Virtual Economy ∗
... are uniform (e.g., cellular automata) or small, (b) two distinct networks (for goods and for traders) defined endogenously by actual transactions data, rather than a single exogenous network or a single endogenous network assumed to have achieved Nash equilibrium. We are aware of two related empiric ...
... are uniform (e.g., cellular automata) or small, (b) two distinct networks (for goods and for traders) defined endogenously by actual transactions data, rather than a single exogenous network or a single endogenous network assumed to have achieved Nash equilibrium. We are aware of two related empiric ...
Professor Venkatesh Panchapagesan
... outside India. Given that markets fail periodically, students will also study why they do so by examining some modern systemic and endemic market crises. A key feature of this course is the discussion of current news events at the start of each class, with students sometimes leading them, that is in ...
... outside India. Given that markets fail periodically, students will also study why they do so by examining some modern systemic and endemic market crises. A key feature of this course is the discussion of current news events at the start of each class, with students sometimes leading them, that is in ...
Empirical Evidence : CAPM and APT
... – Individual stock returns are so volatile that one cannot reject the null hypothesis that average returns across different stocks are the same (s ≈ 30 – 80% p.a., hence cannot reject the null that average returns across different stocks are the same.) – Betas are measured with errors ...
... – Individual stock returns are so volatile that one cannot reject the null hypothesis that average returns across different stocks are the same (s ≈ 30 – 80% p.a., hence cannot reject the null that average returns across different stocks are the same.) – Betas are measured with errors ...
National Institute of Securities Markets
... 5.9 Understand the uses of Options 6. Option Trading Strategies – Strategies using Equity Options and Currency options 6.1 Option spreads and their payoff charts Explain the term option spread Illustrate various option spreads Draw payoff charts for various option spread strategies 6.2 Straddle: mar ...
... 5.9 Understand the uses of Options 6. Option Trading Strategies – Strategies using Equity Options and Currency options 6.1 Option spreads and their payoff charts Explain the term option spread Illustrate various option spreads Draw payoff charts for various option spread strategies 6.2 Straddle: mar ...
Derivatives Markets for Home Prices
... estate prices. Mortgages have extensive derivative markets, but there have been, until very recently, no derivative markets at all tied to real estate prices. If such markets could be created, they might ultimately lead towards more liquidity in the cash markets. Thus began our mission to create jus ...
... estate prices. Mortgages have extensive derivative markets, but there have been, until very recently, no derivative markets at all tied to real estate prices. If such markets could be created, they might ultimately lead towards more liquidity in the cash markets. Thus began our mission to create jus ...
Slide 0 - E
... Classical civilizations built complex global markets trading gold or silver for spices, cloth, wood and weapons, most of which had standards of quality and timeliness. The modern commodity markets have their roots in the trading of agricultural products. While wheat and corn, cattle and pigs, were w ...
... Classical civilizations built complex global markets trading gold or silver for spices, cloth, wood and weapons, most of which had standards of quality and timeliness. The modern commodity markets have their roots in the trading of agricultural products. While wheat and corn, cattle and pigs, were w ...
The Market Microstructure Approach to Foreign Exchange: Looking
... al. 2012). Retail traders do condition their trades on exchange rate forecasts, but those forecasts appear uninformative because as a group they lose money (Heimer and Simon 2011). Dealers are entirely absent from the standard macroeconomic models. They earn bonuses based on trading profits earned ...
... al. 2012). Retail traders do condition their trades on exchange rate forecasts, but those forecasts appear uninformative because as a group they lose money (Heimer and Simon 2011). Dealers are entirely absent from the standard macroeconomic models. They earn bonuses based on trading profits earned ...
Questions and Answers About the Iraq Securities Law
... subject to direct regulatory oversight by the ISC. 13. Why may additional shares issued by listed Companies on the Iraq Stock Exchange be priced at market value rather than only be priced at 1 Iraqi dinar? A secondary offering is the sale of new shares by a company that is already publicly traded. I ...
... subject to direct regulatory oversight by the ISC. 13. Why may additional shares issued by listed Companies on the Iraq Stock Exchange be priced at market value rather than only be priced at 1 Iraqi dinar? A secondary offering is the sale of new shares by a company that is already publicly traded. I ...
Hotspot Announces First Anonymous FX Forwards
... executed on the platform. Hotspot is the first platform to provide outright deliverable forwards on an anonymous central-limit order book. Further, it is the first platform to allow prime brokerage clients to post passive quotes. This allows for expanded trading activity from participants, who are n ...
... executed on the platform. Hotspot is the first platform to provide outright deliverable forwards on an anonymous central-limit order book. Further, it is the first platform to allow prime brokerage clients to post passive quotes. This allows for expanded trading activity from participants, who are n ...
Latency Arbitrage, Market Fragmentation, and Efficiency: A Two
... decline (approximately 1,000 points). During a five-minute period, some companies traded for as low as a penny and as high as nearly $100,000. The rout continued until an automatic stabilizer on the exchange paused trading for five seconds, after which the markets recovered [Bowley 2010]. Some have ar ...
... decline (approximately 1,000 points). During a five-minute period, some companies traded for as low as a penny and as high as nearly $100,000. The rout continued until an automatic stabilizer on the exchange paused trading for five seconds, after which the markets recovered [Bowley 2010]. Some have ar ...
THE CURRENT QUESTIONS OF REGULATING CAPITAL MARKETS
... each other in several ways, are to be mentioned: globalisation, technological development and regulatory changes. The first important milestones of the European financial markets’ opening are connected to the United Kingdom where the so called Big Bang financial reform started in the 1980s, giving m ...
... each other in several ways, are to be mentioned: globalisation, technological development and regulatory changes. The first important milestones of the European financial markets’ opening are connected to the United Kingdom where the so called Big Bang financial reform started in the 1980s, giving m ...
Screen Information, Trader Activity, and Bid-Ask
... information sets conditioning the price processes. Abstracting from time-of-day effects, the information sets include (i) lagged event durations and autonomous dynamics in the duration process; (ii) durations augmented by observed order book information pertaining to available pricing and liquidity; ...
... information sets conditioning the price processes. Abstracting from time-of-day effects, the information sets include (i) lagged event durations and autonomous dynamics in the duration process; (ii) durations augmented by observed order book information pertaining to available pricing and liquidity; ...
VectorVest ProTrader
... In Day Trading mode, the performance of each search will be analyzed as if you were day-trading. Each night, the search is run, and the next day the Derby simulates buying all stocks from that search and selling them at the close of the same day. It then compiles these results for you into a summary ...
... In Day Trading mode, the performance of each search will be analyzed as if you were day-trading. Each night, the search is run, and the next day the Derby simulates buying all stocks from that search and selling them at the close of the same day. It then compiles these results for you into a summary ...
Corporate Bond Trading on a Limit Order Book Exchange by
... TASE), where c-bonds (and government bonds) have been traded for many years by the same open limit order book system as stocks and with no competing exchanges, dark pools, etc. The Israeli c-bond market is quite small (~$76 billion in 2014) and isolated (foreign holdings of 0.9% during 2014 – see Su ...
... TASE), where c-bonds (and government bonds) have been traded for many years by the same open limit order book system as stocks and with no competing exchanges, dark pools, etc. The Israeli c-bond market is quite small (~$76 billion in 2014) and isolated (foreign holdings of 0.9% during 2014 – see Su ...
Do retail traders suffer from high frequency traders?
... The advent of fully electronic trading platforms has changed the equity trading landscape dramatically over the last decade and has enabled the rise of trading by computer algorithms without any human interference. One of the most extreme forms of electronic trading is the practice of high frequenc ...
... The advent of fully electronic trading platforms has changed the equity trading landscape dramatically over the last decade and has enabled the rise of trading by computer algorithms without any human interference. One of the most extreme forms of electronic trading is the practice of high frequenc ...
Does Pre-trade Transparency Affect the Market Quality in an Order
... compare differences of market quality before and after the events. We measure market quality using the following variables: quoted spread, effective spread, high-low volatility, and MRR adverse selection cost. These market quality measures were also adopted for the order driven market analysis unde ...
... compare differences of market quality before and after the events. We measure market quality using the following variables: quoted spread, effective spread, high-low volatility, and MRR adverse selection cost. These market quality measures were also adopted for the order driven market analysis unde ...